Fiduciary duty is defined by Merriam-Webster dictionary as a “duty obligating a fiduciary as an agent or trustee to act with loyalty and honesty in a manner consistent with the best interest of the beneficiary of the fiduciary relationship as a principal or trust beneficiary.”
CAI’ magazine “Common Ground” has a very good article in their March April issue on fiduciary duty. Quoting from the article Bob Diamond, senior council at Reed Smith in McLean Virginia says”the essence of fiduciary duty is to act in the best interests of those who you serve. A director must put aside personal considerations when making decisions on behalf of the owners.”

When it comes to SB326 and fiduciary duty the duty of the board is to carry out the inspections as required by law regardless of cost or a lack of money in the associations accounts to pay for it. A lack of knowledge or understanding about SB326 will not be a legal defense or at least won’t be a strong defense to not carry out an inspection of the common area Exterior Elevated Elements in my non legal opinion.
Continue reading SB326 & The Board of Directors Fiduciary Duties To Act In the Best Interests of the Association

















